Capwatt has entered into a partnership with Sustainable Development Capital LLP (SDCL) in the solar energy sector in the Iberian Peninsula. Under this agreement, Capwatt sold a 68 MW behind-the-meter solar portfolio in the Iberian Peninsula to the Global Energy Transition Fund (GETF), managed by SDCL. The portfolio includes assets that are operational, under construction, and in development for the commercial and industrial sectors.

Capwatt will retain a strategic role as developer, operator, and asset manager. The projects involve sectors such as manufacturing, agri-food, packaging, and construction materials, supported by long-term power purchase agreements.

This partnership represents GETF’s first investment in the Iberian solar market, aiming to expand its commercial and industrial solar platform, with plans to invest over €100 million during the next year. The transaction also provides GETF with immediate exposure to high-return, strategically relevant assets in a key market for Europe’s energy transition.

Miguel Gil Mata, CEO of Prismore Capital, stated:
“This partnership marks a strategic milestone in Capwatt’s growth journey, reinforcing its position as one of the leading developers of sustainable energy solutions in the Iberian Peninsula. SDCL’s investment demonstrates strong confidence in the quality and long-term value of Capwatt’s projects, as well as its ability to develop and manage high-performance assets that drive the energy transition. This agreement also lays the foundation for a long-term partnership that will accelerate the implementation of sustainable energy solutions across the region.”

Jonathan Maxwell, CEO of Sustainable Development Capital LLP, said:
“We are delighted to be partnering with Capwatt on this exciting transaction, which will provide great exposure for GETF to one of Europe’s key energy transition markets. The scale of the portfolio underscores the strong opportunities for commercial and industrial energy efficiency solutions in southern Europe, and we look forward to growing our platform in the region.”

GETF raised €650 million ($681 million) at its final close in October 2023 and has already committed more than 75% of this amount to energy infrastructure projects and companies. The fund also benefits from the support of the European Union under the InvestEU Fund.